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v3.24.3

Summary of Significant Accounting Policies - Schedule of Recurring Assets and Liabilities Measured at Fair Value (Detail) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023
--- | --- | ---
Derivatives Fair Value [Line Items] |  |  |
Investment in hotel properties, net |  | $ 351,187,539 | $ 354,919,106
Carrying Amount [Member] | Interest Rate Caps [Member] |  |  |
Derivatives Fair Value [Line Items] |  |  |
Financial Assets | [1] | 754,794 |
Interest rate cap | [1] | 754,794 |
Carrying Amount [Member] | Interest-Rate Swap [Member] |  |  |
Derivatives Fair Value [Line Items] |  |  |
Financial Assets | [2] |  | 627,676
Interest rate cap | [2] |  | 627,676
Carrying Amount [Member] | Mortgage Loans [Member] |  |  |
Derivatives Fair Value [Line Items] |  |  |
Financial Liabilities |  | (320,244,252) | (315,989,194)
Fair Value [Member] | Interest Rate Caps [Member] |  |  |
Derivatives Fair Value [Line Items] |  |  |
Financial Assets | [1] | 754,794 |
Interest rate cap | [1] | 754,794 |
Fair Value [Member] | Interest-Rate Swap [Member] |  |  |
Derivatives Fair Value [Line Items] |  |  |
Financial Assets | [2] |  | 627,676
Interest rate cap | [2] |  | 627,676
Fair Value [Member] | Mortgage Loans [Member] |  |  |
Derivatives Fair Value [Line Items] |  |  |
Financial Liabilities |  | $ (313,064,575) | $ (303,949,790)
[1] | The interest-rate cap agreement allows the Company to receive a variable rate of interest based upon 1-month SOFR in exchange for a fixed rate of 3.0% on a notional amount of $26.0 million on the DoubleTree by Hilton Philadelphia Airport. The interest-rate cap is set to terminate on May 1, 2026.
[2] | The interest-rate swap agreement allowed the Company to receive a variable rate of interest based upon 1-month SOFR in exchange for a fixed rate of 2.826% on a notional amount which approximated the declining balance of the mortgage loan on the Hotel Alba. The interest-rate swap was terminated on February 14, 2024.

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